VADILAL INDUSTRIES LTD.-$ Q1 FY27 Results

Vadilal Industries' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue from operations rose 34.4% YoY to ₹680.06 Cr from ₹505.91 Cr, while PAT attributable to owners nearly doubled, up 95.4% YoY to ₹130.91 Cr from ₹66.98 Cr; basic EPS was ₹182.13 versus ₹93.19 a year ago. Standalone told the same story — revenue +37.3% YoY to ₹584.27 Cr, PAT +99.7% YoY to ₹106.57 Cr — so the two bases aren't materially divergent, and consolidated (the primary basis here) is used throughout. Sequentially revenue was up 63.5% and PAT up 119.2% versus Q4 FY26 (revenue ₹415.83 Cr, PAT ₹59.73 Cr per our records), but April-June is Vadilal's summer/ice-cream peak season, so that QoQ jump is a seasonality artifact and the YoY read is the one that matters here.

Margins expanded on both bases. Consolidated NPM (PAT/total income) rose to 18.5% from 13.1% a year ago, and the improvement isn't solely an other-income effect: total expenses eased to 75.5% of total income from 82.6% YoY (and from 82.6% in the immediately preceding Q4 FY26 too), pointing to genuine operating leverage on higher volumes. That said, other income was a meaningful swing factor at the consolidated level — it jumped to ₹27.25 Cr from ₹3.84 Cr YoY (standalone other income was flat, ₹5.67 Cr vs ₹3.71 Cr), and the filing carries no exceptional-item line or note explaining the jump. Stripping out the incremental ₹23.4 Cr, consolidated PBT growth is still a strong ~69% YoY (versus ₹173.64 Cr reported, +95.7% YoY), so the underlying improvement holds even adjusted for that swing.

The stock went into the print at ₹7,246.5, up 6.6% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

Management gives no formal guidance on record, and no prior-quarter concall commentary is available in our records, so there is no outlook to grade this print against. On street expectations, Univest's Q1 FY27 preview — a trailing-growth model rather than formal brokerage consensus — had modeled revenue of ₹712-819 Cr and PAT of ₹88-113 Cr; actual revenue of ₹680.06 Cr came in below that range (light by about 4.5% against the low end) while PAT of ₹130.91 Cr beat the top of the range by roughly 16%, so this is a clear bottom-line beat against a soft top-line relative to that model. No management press release was available in our context to cross-check messaging against the numbers. Alongside the results, the board declared an interim dividend of ₹17 per ₹10 face-value share (record date August 21, 2026), and the pending scheme of amalgamation of three promoter-group companies (Vadilal Finance, Veronica Constructions, Vadilal International) into the company — filed with exchanges since March 2025 — remains under regulatory review with no update this quarter.